Appointment Marks the First Time a Foreigner Has Held the Role

ZURICH—Switzerland appointed Mark Branson, a U.K.-born former UBS AG banker, to lead the country's financial markets regulator, marking the first time a foreigner has held the role.

On Wednesday, the Swiss Financial Market Supervisory Authority, or Finma, said Mr. Branson's appointment had been approved by the Federal Council, Switzerland's seven-member cabinet. He will succeed Patrick Raaflaub, who stepped down as chief executive of the body in January, beginning April 1.